Market Update
Harsh Patel
Founder
Nifty opens higher at 25971(+72.65) after PMO's comments on warm conversation with US President, following CEA's comment on Trade-deal issues over with US, and may get signed by march.
Nifty Hourly Chart
Support levels: 25700-25660 Resistance levels: 26000
Nifty's rebound to 25900 sustained on Thursday on hope of Trade-deal with US. A close on hourly chart above 26100 is for market to nullify the current breakdown and confirm a temporary bottom.
On the charts, there are two possible scenarios first is hourly chart where you can see a Double Bottom above 25950, While on the daily its just bounce to re-testing level of 26050-26090 for the Rising Channel Breakdown.
This trend conflict on the time horizon creates possibilities of whipsaw moves in the market, bulls may wait for a intraday dip to 25950 to Buy, with support of 25890, while short traders may take a contrarian bet around 26050-26090 for a dip to 25950 level with resistance of 26100/26150, above same buying may accelerate to 26200-26350.
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